BKW Properties purchased the building at 20 W. 1st St. near Mesa's downtown from Eastside Investors I, a local partnership that had owned the 30-year-old building for 20 years. The partnership is made up of several attorneys in the law firm of Udall Shumway & Lyons.
The firm occupies 30% of the building and recently inked a five-year lease to hold the space, says Sean Stutzman, an investment specialist with Sperry Van Ness. He, Ari Spiro, Jeff Chalfin, Mike Day and Mark Phillips, all with Sperry Van Ness, brokered the deal.
Stutzman tells GlobeSt.com that the building received eight offers--mostly from private investors from California. "It had a price point that made it attractive," he explains. He adds the buyer was attracted to the building's price per sf of $93 and location within the redevelopment area in Mesa and near the newly developed Mesa Arts Center.
According to Stutzman, the building was 78% leased at the time of sale. However, the building, which leases for $15 per sf full-service, has a history of high occupancy of about 98%. "This is a stabilized investment, and the buyer plans to lease up the two remaining spaces," he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
